ORLANDO, Fla. – Orlando's The Mall at Millenia is getting a new owner.
- Simon Property Group to acquire owner of Mall at Millenia
- As part of a $3.6 billion deal, Simon will get an 80 percent stake
- Simon also owns the Florida Mall and Orlando Premium Outlets
Simon Property Group, owner of the Florida Mall, announced this week it will acquire most of Taubman Realty Group Limited Partnership, which owns Mall of Millenia.
As part of the $3.6 billion deal, Simon will get an 80 percent stake in the Michigan-based company. The deal is still pending approval but is expected to close sometime this summer.
In addition to Mall at Millenia, Taubman owns International Plaza in Tampa and the Mall at University Town Center in Sarasota.
"By joining together, we will enhance the ability of TRG to invest in innovative retail environments that create exciting shopping and entertainment experiences for consumers, immersive opportunities for retailers, and substantial new job prospects for local communities," Simon CEO and president David Simon said in a statement.
Simon Property Group, the largest mall operator in the U.S., also owns Orlando International Premium Outlets, Orlando Vineland Premium Outlets, Tampa Premium Outlets and Tyrone Square in St. Petersburg.